How China’s EV Boom Powers Its Tech Rise

NIO is just one of an alphabet soup of Chinese brands—from AION, BYD, and Clever, to Maxus, Neta, and Onvo, to Xpeng, Yangwang, and Zeekr—dominating the global EV market today.

It’s been a meteoric rise. In 2001, China had fewer than 10 million passenger vehicles for its 1.2 billion population. That’s just one vehicle for every 128 people, or a market penetration equivalent to America’s in 1911, three years after Henry Ford produced his first Model T. But by 2009, China was the largest car market in the world. From being a net car importer as recently as 2020, China today sends more vehicles overseas than any other nation; its passenger-car exports jumped nearly 20% in 2024 to 4.9 million. Meanwhile, imports of cars to China dropped from a peak of 1.24 million in 2017 to just 705,000 last year.

Chinese automakers are expected to account for a third of the global market by 2030, according to AlixPartners. When it comes to EVs, China already accounts for nearly two-thirds of global sales (62%). NIOs are currently sold in six European nations as well as Israel and the UAE. BYD, meanwhile, is now undisputedly the world’s top EV firm, present in over 70 countries and outselling Tesla globally for a second straight quarter. While Tesla delivered 336,681 vehicles worldwide for the January–March period, down 13% year-on-year, BYD delivered 416,388, up 38%.